ask the Minister for Finance the number of unsecured loans which have been approved for entrepreneurs to get involved in their own business through the financial institutions of the State under the Finance Act, 1989.
Written Answers. - Unsecured Loans.
In my budget speech in 1989 I announced that the banks had agreed to provide loan finance to entrepreneurs on certain terms. These loans are at reduced rates of interest and the banks, in addition, do not demand security on such loans. The scheme is administered voluntarily by the individual banks. It is not part of the Finance Act legislation.
A total of nearly £6 million has been made available by the banks and 114 projects have been aided. Approximately £0.5 million of the total has been provided through State institutions. One of the participating banks, Bank of Ireland, recently announced they were increasing the amount of funds committed to the scheme by £2 million.